Accelerating anti-fraud innovation

As your fraud risk landscape changes, so does the need to adapt and innovate. We explore how organizations are “operationalizing” anti-fraud innovation and continuous improvement.

The changing fraud risk landscape at XYZ Inc. was challenging Linda, the global head of investigations, to adapt. New fraud risks had emerged because of recent acquisitions into new markets and technology updates in the organization. Linda believed XYZ wasn’t prepared for the fraud risks. She wanted to gain more business transparency into specific payments to third parties and sales activities of her company’s employees. Her goal was to innovate, but where should she start? As William Gibson, a well-known science fiction writer said, “The future is already here — it’s just not evenly distributed.”

Merriam-Webster defines innovation as “the introduction of something new” and “a new idea, method, or device.” However, Merriam-Webster misses the boat because not just anything “new” will add value or help solve business problems. Jay Sonbolian, an EY principal who leads its Forensic & Integrity Services innovation committee, thinks of innovation as, “The art of making hard things easy, and creating value and risk insights where they didn’t previously exist.”